SCHEDULES

SCHEDULE 22 Tonnage tax

Part IX The ring fence: capital allowances: general

During: plant and machinery: new expenditure partly for tonnage tax purposes

73

1

This paragraph applies where a company subject to tonnage tax incurs expenditure on the provision of plant or machinery partly for the purposes of its tonnage tax trade and partly for the purposes of a qualifying activity.

F12

Sections 206(1), (2) and (4) and 207 of the Capital Allowances Act 2001 (operation of single asset pool for mixed use assets) apply as follows—

a

references to a qualifying activity shall be read as not including references to the tonnage tax trade, and

b

references to purposes other than those of a qualifying activity shall be read as including references to the purposes of the tonnage tax trade.